Suzlon to raise Rs 5,000 cr through share issue

Wind turbine-maker Suzlon Energy today said it has received board approval to raise Rs 5,000 crore through the issuance of shares or other means.

"The board of directors has approved issuance of equity shares or FCCBs, GDRs or combination of instruments to an extent of Rs 5,000 crore," Suzlon Energy informed the Bombay Stock Exchange without divulging the timeline for raising this amount.

The board has also reconstituted its Investors' Grievance Committee, with V Raghuraman as Chairman and Tulsi Tanti and Vinod Tanti as other members.

The company also informed that Girish Tanti has resigned as Executive Director of the company with effect from July 30, 2011.

The company registered a net profit of Rs 60 crore in the first quarter of FY'12, as against loss of Rs 912 crore in the first quarter of the previous financial year (2010-11).

Shares of Suzlon Energy were trading at Rs 54.05, up 3.15% on the BSE.